- Research Group of IIE-CASS;Shi Dan
;Yang Danhui
;Li Xiaohua
;Deng Zhou;
Economies that have effectively escaped the “middle-income trap”demonstrate common traits in their industrial restructuring as they progressed to highincome status. These include a relatively stable share of an economy's manufacturing sector,a reasonable economic structure, enhanced industrial capabilities, and growth driven by innovation. However, late-moving countries face a number of hurdles as they strive to cross this threshold. China's development advantages include, among other things, a complete industrial system, a more balanced industrial structure, growing indigenous innovation capabilities, continual expansion and upgrading of domestic demand, and a greater degree of openness. These capabilities have provided continuous momentum for industrial growth,allowing China to capitalize on the next wave of technological and industrial revolutions while also promoting long-term, steady industrial development. During its modernization efforts, China has seen substantial changes in the external environment surrounding its industrial development. We must not only recognize the increasing complexity, intensity,and uncertainty of these changes, but also take proactive steps to solve diverse issues and capitalize on opportunities arising from global digital and green transitions. Equal focus should be placed on strengthening reforms and promoting high-level openness, improving policy coordination and consistency, and pursuing an innovation-driven strategy. This will speed the development of a modern industrial system and encourage the formation of new,high-quality productive forces.
2024年05期 v.19 2-24页 [查看摘要][在线阅读][下载 438K] - Ding Hui;He Dongxin;Jiang Fuwei;Zhang Zhining;
Targeted poverty alleviation(TPA) serves as a winning formula for fghting poverty and has generated valuable experiences for achieving common prosperity. The mixed-ownership reform has enhanced corporate economic performance. However,further testing is required to assess whether enterprises contribute to the improvement of distribution by participating in TPA. Taking A-share-listed private enterprises between 2016 and 2021 as research samples, we conducted an investigation into the extent and manner in which the mixed-ownership reform contributes to TPA. Our research reveals that a higher proportion of state capital equity participation is correlated with a greater level of private enterprises' contribution to TPA. This indicates that the mixed-ownership reform is beneficial for prompting private enterprises to shoulder responsibilities for building a society of common prosperity. As shown by the mechanism test, state capital equity participation encourages private enterprises to contribute to TPA primarily by alleviating corporate financing constraints through the resource complementarity effect.In contrast, the check & balance effect of promoting corporate poverty alleviation by mitigating the principal-agent problem has not yet been significantly demonstrated.Regarding the poverty alleviation model, state capital equity participation prompts private enterprises to contribute to TPA through industrial development, educational investment,and environmental protection, emphasizing a combination of providing external assistance and cultivating endogenous development capacity. In terms of TPA regions, state capital equity participation plays a significant role in supporting economically less-developed regions, regions with high unemployment rates, and central and western regions. This paper provides new empirical evidence for deepening mixed-ownership reforms and advancing common prosperity.
2024年05期 v.19 25-47页 [查看摘要][在线阅读][下载 483K] - Xu Yuanhua;He Jun;Sun Zao;Li Xiaoke;
What type of entrepreneurial spirit is needed for China's new era, and how can we unlock its innovation potential? Answers to these questions will unleash vital forces to drive China's high-quality economic development. After reviewing the theories, dimensions, features, and limitations of the entrepreneurial spirit in the Western context, we concluded that the entrepreneurial spirit in China's new era, which is characterized by patriotism, innovation, trustworthiness, adherence to the law, fulfllment of social responsibilities, and a global horizon, has overcome the limitations that come with self-interested entrepreneurship in the context of Western economics. This is a major step forward in the development of theories on entrepreneurial spirit. In the development context of the new era, this paper argues that the entrepreneurial spirit should become an important force at the individual level to implement the new development concept, foster the new development paradigm, and promote high-quality development in the new stage. This paper provides answers to the question of what type of entrepreneurial spirit China's new era requires. Finally, this paper presents basic strategies for cultivating entrepreneurial spirit in the context of China's new era, emphasizing the importance to promote the healthy growth of young entrepreneurs, ensure their business autonomy, develop a multi-tiered capital market, implement the factor market reforms, improve the business climate, and accelerate the digital transition.
2024年05期 v.19 48-59页 [查看摘要][在线阅读][下载 353K] - Yang Zhihong;Chen Aili;Wang Xiaolin;
Based on the Belt and Road Initiative (BRI) as a quasi-natural experiment, this paper uses panel data from 124 countries between 2006 and 2019 to build a difference-indifferences (DID) model to investigate the BRI employment effect on participating countries and mechanisms. We observed that the BRI had signifcantly increased employment rates in participating countries, and that this result remained robust after using the instrumental variable (IV) to mitigate endogeneity and perform a robustness test. There are differences intheBRI’semploymenteffectdependingontheincomelevel,laborconditions,and thedigitaleconomy’sdevelopmentlevelofBRIcountries:comparedwithlow-income countriesandlower-middle-incomecountries,theBRIhasamoresignificantlypositive effectontheemploymentratesofupper-middle-incomeandhigh-incomecountries;the BRI’s employment effect is stronger in countries with higher labor market efficiencies and betterlaborrelations;Incountrieswithhigherlevelsofdigitaleconomy,theBRIhasa relatively greater positive effect on employment. The BRI has increased employment rates in participating countries on both the supply and demand sides by building infrastructure,interconnectingindustriesandresources,andimprovinghumancapitalthroughthe exchange of human resources. Further analysis suggests that the BRI’s employment effect promotesthesophisticationofparticipatingcountries’employmentstructures,hence improvingemploymentquality,andthatparticipatingcountries’employmentlevelsmay continue to improve in the medium and long run.
2024年05期 v.19 60-81页 [查看摘要][在线阅读][下载 480K] - Liu Yubin;Zhang Guijuan;Xu Honghai;
Data is a key asset for digital platforms, and mergers and acquisitions(M&As)are an important way for platform enterprises to acquire it. The types of data obtained from intra-industry and cross-sector M&As differ, as does the extent to which they interact within or between platforms. The impact of such data on corporate market performance is an important question to consider when selecting strategies for digital platform M&As. Based on our research on advertising-driven platforms, we developed a two-stage Hotelling game model for comparing the market performance effects of intra-industry M&As and crosssector M&As for digital platforms. We carried out an empirical test using relevant data from advertising-driven digital platforms between 2009 and 2021, as well as a case study on Baidu's M&A activities. Our research discovered that intra-industry M&As driven by “data economies of scale” and cross-sector M&As driven by “data economies of scope”are both benefcial to the market performance of platform enterprises. Intra-industry M&As have a more signifcant positive effect on the market performance of platform enterprises because the same types of data are easier to integrate and develop the “network effect of data scale”. From a data factor perspective, this paper reveals the inherent economic logic by which different types of M&As infuence the market performance of digital platforms, as well as policymaking recommendations for all digital platforms to select M&A strategies based on data scale, data scope, and the network effect of data.
2024年05期 v.19 82-106页 [查看摘要][在线阅读][下载 870K] - Ouyang Xiangying;
In the post-pandemic era, the global economic and security landscapes are fraught with complexities and uncertainties. Among them, four risk flashpoints merit attention: Certain countries are raising interest rates to subdue inflation, despite their already high levels of debt; the bulk commodities market is experiencing volatility, leading to global turbulence and change; trade protectionism is at the forefront of major-power rivalry in political and economic spheres; and regional security crises are compounding international tensions. Behind those fashpoints are contradictions that obstruct world peace and progress, including development imbalances, governance gaps, and structural tensions in global security. In the face of uncertainties, it is crucial for China to seize strategic opportunities and transform crises into favorable situations. China has launched the Global Development Initiative(GDI) and the Global Security Initiative(GSI) to contribute to global prosperity and security. The two initiatives demonstrate China's commitment to addressing global defcits in peace, development, security, and governance.
2024年05期 v.19 107-116页 [查看摘要][在线阅读][下载 379K] - Jiao Yinyi;Cai Meng;
Using the adoption and expansion of wired telegraph in China during the late 19th century, this paper investigates the effect of cost reductions for knowledge exchange on China's industrial growth before the outbreak of the War of Resistance Against Japanese Aggression(1931-1945), thus testing Baldwin's theory of “the Great Convergence”in which developing countries are empowered by information and communication technologies. Based on panel data of 1858-1937, we found that wired telegraph access had a signifcantly positive effect, as well as a long-term growth effect, on the entry of industrial enterprises. Our mechanism analysis indicates that wired telegraph access accelerated early-stage industrialization in localities by encouraging market integration, human capital accumulation, and auxiliary commercial organizations. Only a few countries frmly asserted their telegraph sovereignty and set up their own workforce educational system during telegraph adoption. This explains why the Great Convergence arising from technology importation only occurred in a small number of countries. Our findings contribute to understanding the source of China's modern industrial progress, as well as why global inequities remain.
2024年05期 v.19 117-136页 [查看摘要][在线阅读][下载 505K] 下载本期数据